American Express® (NYSE: AXP), the leading Small Business Card issuer in the U.S.1, announced American Express Global Pay – a new digital solution that enables U.S. businesses to securely2 make domestic and international business-to-business (B2B) payments. Through this new digital solution, business customers can send payments funded from their business bank account to their suppliers in more than 40 countries, across a range of currencies, using a simple, mobile-friendly platform. Eligible customers can also earn Membership Rewards® points on their foreign exchange payments.3 American Express Global Pay is currently available to eligible U.S. American Express Small Business Card Members.
“Businesses today start, grow and compete on a global scale, Our U.S. Small Business Card Members told us they want an international payment solution focused on simplicity, convenience and the chance to earn rewards – so we built American Express Global Pay to enable these businesses to easily and effectively manage their B2B payments globally on a secure platform, backed by the trusted service and unique benefits of American Express Membership.”
-Dean Henry, Executive Vice President of Global Commercial Services at American Express
According to a June 2022 survey by American Express4, 64% of U.S. small and mid-sized business owners and financial decisionmakers said they expect their total spend with businesses outside of the U.S. to increase over the next six months, and cite access to a wider range (43%) of products and services and supply chain diversification (35%) as some of the top business benefits of cross-border B2B spending.
However, one-quarter (27%) cited complexity of the process as one of the top obstacles when making cross-border payments. When asked about the attributes that small and mid-sized business owners and financial decisionmakers are looking for in a cross-border payments solution, nearly half (48%) said transparent fees and rates, on par with a simple user experience (44%). American Express Global Pay addresses these needs by providing:
-
Integrated user experience: Access American Express Global Pay in the same place you manage your American Express Business Card account, including from your mobile device.
-
Simple and intuitive steps: Pay suppliers with ease and reduce the risk of common errors and delays with fields that dynamically update based on the country of your payment.5
-
World-class rewards: Eligible customers can earn 1 Membership Rewards® point for every $30 equivalent on their foreign exchange payments (maximum of 4,000 points per payment).3
-
Same business-day payments: Payments may be eligible for same business-day delivery through American Express Global Pay’s connection to faster payment systems, such as SEPA Instant Credit Transfer, which includes all of the European Union. American Express provides an estimated delivery date when you place an order.6
-
Transparent exchange rates: Before you send a payment, view and accept the applicable exchange rate.
-
Trusted dependability: Send payments with the powerful backing and servicing of American Express.
-
Streamlined application process: Apply online and get a response in minutes.7
To learn more about American Express Global Pay or to apply, visit www.americanexpress.com/globalpay. Additional countries and currencies will be added over time.
AMERICAN EXPRESS GLOBAL PAYMENT SOLUTIONS SURVEY METHODOLOGY
In partnership with a trusted third-party vendor, American Express (Amex) commissioned an online survey among n=315 U.S.-based small- and medium-sized business owners and financial decision makers who use/make business-to-business (B2B) cross-border solutions/payments, defined as those who have 1 to 250 employees. The survey was fielded between June 9- 16, 2022. The margin of error (MOE) for the total sample is +/- 6 percentage points.
ABOUT AMERICAN EXPRESS GLOBAL PAY
American Express Global Pay is a money transmission service provided by American Express Travel Related Services Company, Inc. (American Express). This service is not available to consumers and is currently available only for American Express Business Card customers. Your business must submit an application, which is subject to review and approval by American Express. When you are creating a payment, we display the fees that we will charge you. We also make money from the purchase and sale of foreign exchange. Recipient banks or intermediary banks may charge their own fees, which can reduce the amount delivered to your recipient. For a list of our money service business licenses and information about addressing complaints and other disclosures, visit www.americanexpress.com/us/state-licensing.html. The American Express Global Pay service is a separate service from your American Express Business Card and has different features and terms. If you cancel your American Express Business Card (or if American Express cancels your Card), we will close your American Express Global Pay account. This means that you will not be able to make any more payments using American Express Global Pay. Please click here for Frequently Asked Questions.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Key links to products, services and corporate responsibility information: personal cards, business cards, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports.